According to analyst CB Insights, Chinese AI company Bytedance is the highest-valued startup – currently private, up-and-coming company – in the world. The venture which is valued at US$75 billion is running content platform Toutiao in China, which uses machine learning to tailor a newsfeed for each individual viewer out of traditional and new media sources.
The second highest-valued startup according to CB Insights is also from China – ride-hailing service Didi valued at US$56 billion. U.S companies now make up only 40 percent of the top 10, down from 60 percent a year ago when Juul Labs and WeWork still made the top 10. The remaining four U.S. startups, Stripe, Airbnb, Space X and Epic Games are valued at between US$15 billion and $36 billion. U.S. fintech company Stripe is also one of the list's fastest climber, growing its valuation from $22.5 billion to $36 billion.
A total of 24 companies in the ranking were valued at US$10 billion, making them decacorns. According to CB Insights, there more than 400 unicorn startups (companies valued at US$1 billion or more) in the world as of May 2020.
The top 10 list of decacorns also includes Indian E-commerce platform PayTM and Singaporean ride-hailing app Grab. Further down the list, UK data center provider Global Switch (rank 19), Indonesia’s answer to WeChat, umbrella app Go-Jek (rank 20), Brazilian fintech provider Nubank (rank 21) and a second player from India, hotel startup Oyo (rank 22), make appearances.